Algonquin Power & Utilities (NYSE:AQN) Price Target Cut to $5.50 by Analysts at CIBC

Algonquin Power & Utilities (NYSE:AQN) had its price objective trimmed by CIBC from $5.75 to $5.50 in a research report report published on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the utilities provider’s stock.

A number of other equities research analysts have also recently commented on the stock. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Wells Fargo & Company decreased their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Wednesday, October 16th. Desjardins lowered their target price on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research note on Monday, August 12th. Janney Montgomery Scott initiated coverage on Algonquin Power & Utilities in a research note on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price target for the company. Finally, Raymond James downgraded Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $7.75 to $7.00 in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.23.

Algonquin Power & Utilities Trading Up 0.9 %

Shares of AQN stock opened at $4.97 on Tuesday. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.97 and a quick ratio of 0.78. The company has a market cap of $3.81 billion, a price-to-earnings ratio of -10.13 and a beta of 0.66. Algonquin Power & Utilities has a 1 year low of $4.88 and a 1 year high of $6.79. The firm has a fifty day moving average price of $5.29 and a 200-day moving average price of $5.82.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The business had revenue of $598.60 million during the quarter, compared to analyst estimates of $635.95 million. During the same quarter in the previous year, the company posted $0.08 earnings per share. Algonquin Power & Utilities’s revenue for the quarter was down 4.7% on a year-over-year basis. As a group, equities analysts predict that Algonquin Power & Utilities will post 0.43 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 5.24%. The ex-dividend date of this dividend was Monday, September 30th. Algonquin Power & Utilities’s payout ratio is presently -53.06%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several institutional investors have recently added to or reduced their stakes in AQN. Krilogy Financial LLC boosted its position in shares of Algonquin Power & Utilities by 0.3% during the 2nd quarter. Krilogy Financial LLC now owns 707,000 shares of the utilities provider’s stock valued at $4,143,000 after acquiring an additional 1,800 shares during the last quarter. Private Advisor Group LLC lifted its position in Algonquin Power & Utilities by 14.1% during the third quarter. Private Advisor Group LLC now owns 17,769 shares of the utilities provider’s stock valued at $97,000 after purchasing an additional 2,201 shares during the last quarter. Hennessy Advisors Inc. grew its stake in shares of Algonquin Power & Utilities by 4.1% in the 2nd quarter. Hennessy Advisors Inc. now owns 108,564 shares of the utilities provider’s stock worth $636,000 after buying an additional 4,300 shares in the last quarter. Value Partners Investments Inc. increased its holdings in shares of Algonquin Power & Utilities by 31.8% in the 1st quarter. Value Partners Investments Inc. now owns 18,338 shares of the utilities provider’s stock worth $116,000 after buying an additional 4,428 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Algonquin Power & Utilities by 25.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 28,704 shares of the utilities provider’s stock valued at $179,000 after buying an additional 5,863 shares in the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.